Darren McKall

Mackenzie Financial Corporation applied on behalf of two mutual funds for exemptive relief from the concentration restriction in section 2.1(1) of National Instrument 81-102.

The relief sought to permit the funds to invest up to 20% or 35% of their net asset value in certain highly-rated foreign government securities.

The Ontario Securities Commission granted the requested relief, subject to conditions including disclosure of the associated risks in the funds' simplified prospectuses.

The applicant, NGAM Canada LP, applied for exemptive relief from paragraphs 15.3(4)(c) and (f) of National Instrument 81-102 to permit its mutual funds to reference FundGrade A+ Awards, FundGrade Ratings, Lipper Awards, and Lipper Leader Ratings in their sales communications.

The principal regulator granted the exemption, finding that the ratings provide objective and transparent measures of performance.

The relief was granted subject to conditions requiring specific disclosure and limiting the use of awards to those granted within 365 days of the sales communication.

The Manager applied on behalf of the Terminating Fund for approval to merge the Terminating Fund into the Continuing Fund under paragraph 5.5(1)(b) of National Instrument 81-102.

The merger did not meet all criteria for pre-approved reorganizations because the investment objectives and fee structures were not substantially similar.

The Principal Regulator granted the requested approval, finding that the merger would be implemented on a tax-deferred basis and would achieve a fair and reasonable result for unitholders.

The Filer applied for exemptive relief from the requirements of paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102 Investment Funds.

The relief was sought to permit the Filer to reference FundGrade A+ Awards and FundGrade Ratings in sales communications relating to its mutual funds.

The principal regulator granted the requested relief, subject to specific disclosure conditions and time limitations on the use of the awards.

The Filer, Mackenzie Financial Corporation, applied to the Ontario Securities Commission for exemptive relief from the Pre-sale Fund Facts Delivery Requirement.

The relief was sought to facilitate a program where investors holding Retail Series mutual fund securities are automatically switched into corresponding High Net Worth Series securities with lower fees once they meet certain eligibility criteria.

The Commission granted the exemption, finding that investors would benefit from lower fees without any material changes to their investments, subject to conditions requiring appropriate notification, prospectus disclosure, and the provision of Fund Facts upon request.

The Filer applied for exemptive relief from the requirements of paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102 to permit its mutual funds to reference FundGrade A+ Awards and FundGrade Ratings in sales communications.

The Ontario Securities Commission granted the requested relief, subject to specific disclosure conditions, finding that the ratings provide an objective and transparent measure of performance that is not misleading.

The applicant applied for exemptive relief from paragraphs 2.5(2)(a.1) and (c.1) of National Instrument 81-102 to permit a new investment fund to purchase securities of certain investment funds in the United States.

The Ontario Securities Commission granted the exemption, subject to conditions including that the underlying funds are public investment funds subject to the 1940 Act and that investments in any one underlying fund do not exceed 10% of the fund's net asset value.

The applicant, Russell Investments Canada Limited, applied for exemptive relief on behalf of its mutual funds from paragraphs 2.5(2)(a) and 2.5(2)(c) of National Instrument 81-102.

The relief sought to permit the funds to invest in exchange-traded funds that hold or obtain exposure to physical commodities on an unlevered basis.

The Ontario Securities Commission granted the exemption, subject to conditions including concentration limits and prospectus disclosure requirements.

The Filer applied for exemptive relief from the requirement in subsection 3.2.01(1) of National Instrument 81-101 to deliver Fund Facts documents to purchasers before accepting instructions for the purchase of mutual fund securities.

The relief was sought for automatic switches of retail series investors to high net worth series securities when they meet minimum investment thresholds.

The Ontario Securities Commission granted the exemption, subject to conditions including notification plans, prospectus disclosure, and annual reminder notices.

The Manager applied to the Ontario Securities Commission for approval to merge two terminating mutual funds into two continuing mutual funds.

Regulatory approval was required because the mergers did not meet all pre-approval criteria under NI 81-102, specifically regarding substantially similar investment objectives and the taxable nature of one merger.

The Commission granted the requested exemptive relief, finding the mergers beneficial to securityholders due to streamlined product offerings, reduced costs, and greater portfolio diversification.

The Filer applied for exemptive relief from the inter-fund trading prohibition in subparagraph 13.5(2)(b)(iii) of National Instrument 31-103 to permit the merger of the Terminating Fund into the Continuing Fund.

The merger was proposed to streamline product offerings and allow the Continuing Fund to qualify as a mutual fund trust under the Income Tax Act.

The Ontario Securities Commission granted the requested exemption, finding that the merger was in the best interests of the unitholders and that potential conflicts of interest had been adequately addressed.

The Manager applied for exemptive relief to approve the mergers of several terminating mutual funds into continuing mutual funds under paragraph 5.5(1)(b) of National Instrument 81-102.

The mergers did not meet all pre-approved criteria because the fundamental investment objectives were not substantially similar and some mergers were not tax-deferred.

The principal regulator granted the requested approval, finding it met the test set out in the legislation.

Mackenzie Financial Corporation applied for exemptive relief under National Instrument 81-102 to approve the proposed reorganization of several terminating mutual funds into continuing funds.

The reorganization required regulatory approval because the investment objectives of certain continuing funds were not substantially similar to the terminating funds, and certain mergers would be effected on a taxable basis.

The Ontario Securities Commission granted the requested relief, permitting the reorganizations to proceed subject to the prior approval of the securityholders of the terminating funds at a special meeting.

The applicant applied for exemptive relief from sections 2.5(2)(a) and 2.5(2)(c) of National Instrument 81-102 to permit its mutual funds to invest in Gold ETFs, including those not qualified for distribution in Canada but listed on US exchanges.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the investments align with the funds' fundamental investment objectives, the ETFs trade on Canadian or US exchanges, and aggregate exposure limits are maintained.

The Filer applied for exemptive relief on behalf of its mutual funds from paragraphs 2.5(2)(a) and (c) of National Instrument 81-102.

The relief sought to permit the funds to invest up to 10% of their net asset value in closed-end funds that are not mutual funds subject to NI 81-102 and foreign closed-end funds that are not reporting issuers in the local jurisdiction.

The Ontario Securities Commission granted the exemption, subject to conditions including leverage limits and pre-trade compliance controls.

The applicant applied on behalf of an investment fund for exemptive relief from the concentration restriction in Section 2.1(1) of National Instrument 81-102.

The relief was sought to permit the fund to invest more than 10% of its net asset value in securities of Canadian Banks, in accordance with its investment objectives.

The principal regulator granted the requested relief, subject to conditions including that the fund not invest more than 15% of its net assets in any one Canadian Bank and that appropriate risk disclosure be included in its prospectus.

The applicant, an investment fund manager, applied for exemptive relief from the performance rating and ranking requirements in paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102.

The relief was sought to permit the applicant's mutual funds to reference FundGrade A+ Awards and FundGrade Ratings in their sales communications.

The Ontario Securities Commission granted the requested relief, subject to specific disclosure conditions and time limits on the use of the awards.

The Filer applied for an exemption from the requirement in subsection 3.2.01(1) of National Instrument 81-101 to deliver Fund Facts before accepting an instruction for the purchase of mutual fund securities.

The exemption was sought for purchases made pursuant to automatic switches from Deferred Sales Charge options to sales charge purchase options upon the expiry of redemption charge schedules.

The Ontario Securities Commission granted the exemption, subject to conditions including specific disclosure requirements in the simplified prospectus and Fund Facts, and notification plans for existing investors.

The applicant, an investment fund manager, applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its mutual funds to enter into cleared swaps and deposit cash and portfolio assets as margin with a Futures Commission Merchant and a Clearing Corporation.

The principal regulator granted the requested relief, subject to conditions regarding the regulatory status and financial requirements of the Futures Commission Merchant and limits on the amount of margin deposited.

The relief terminates upon the coming into force of revisions to NI 81-102 addressing the clearing of OTC derivatives.

The applicant, CI Investments Inc., applied for exemptive relief from the related party investment restrictions in the Securities Act and the consent requirements in National Instrument 31-103.

The relief was sought to permit various pooled funds to invest in underlying mutual funds managed by the applicant or its affiliates.

The Ontario Securities Commission granted the requested relief, subject to conditions including compliance with National Instrument 81-102 and specific disclosure requirements.